Mohammed Shosanya
The Senate has dismissed concerns that it has abandoned investigation into the N30 trillion forwarded to the administration of former President, Muhammadu Buhari, by the Central Bank of Nigeria (CBN).
The CBN had extended the sum to the administration as a Ways and Means facility between 2015 and 2023.
Chairman of the Senate adhoc Committee, Senator Isah Jibrin ( APC Kogi East ), on Monday, in a statement he signed, refuted an online report which alleged that the investigation is in limbo.
The Ad – Committee Chairman in the rebuttal, attached letter of reminder written to the office of Accountant General for the Federation requiring for vital information for thoroughness of the investigative exercise.
Senator Jibrin,who doubles as Chairman of the Senate committee on Customs and Excise Duties explained in the statement that though the Ad – hoc committee was given six weeks when inaugurated in March to carry out the exercise and report back to the Senate , but thoroughness and diligence required for the sensitive national assignment had made the committee to exceed the time.
“The essence of an investigation is to come up with factual findings and not just roll in report within specified time frame.
“Investigation on the N30trillion Ways and Means is on course and not in anyway in limbo as insinuated by an online platform today.
“Some of the required findings have been made and still being made as clearly shown by letter of reminder recently written to the office of Accountant General of the Federation “, he said.
The letter dated 19th June , 2024 , personally signed by Senator Isah Jibrin and titled : ” Request for Submission of Additional Information ” reads : ” You may recall our earlier letter on the above subject dated 27th May , 2024, requesting for the following additional information on Ways and Means , which you are yet to respond to .
“The required information are – Details of disbursements under ways and means , Names of the beneficiaries , Amount / date of disbursements , purpose of the disbursements , terms of the disbursement ( where applicable ), repayment schedule ( where applicable ) and adherence to the repayment schedule” .
This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.
The CBN law limits advances under ways and means to 5 percent of the previous year’s revenue, but this has been mostly breached over the years.
In order to remedy the situation, the CBN Governor , Olayemi Cardoso, declared in February this year , that the bank would no longer grant ways and means advances to the government “until all outstanding debts are refunded”.